Treasury confirms three new ASIC Commissioners

CHOICE chief executive Alan Kirkland, Commonwealth Bank (CBA) chief risk officer for institutional banking, markets, and treasury Simone Constant and Treasury’s first assistant secretary Katherine O’Rourke have been named as the new, full-time commissioners.

They will hold their full-time roles for a term of five years.

Ms O’Rourke will commence her position on 11 September 2023 with Ms Constant and Mr Kirkland to begin their terms on 20 November 2023.

The appointments come as commissioners Danielle Press and Karen Chester end their terms, with Sean Hughes having departed earlier in the year.

Mr Chalmers said: “These commissioners will ensure our corporate watchdog maintains a strong, fair, efficient and innovative financial system that delivers good outcomes for consumers and investors.

“These appointments will refresh and renew the leadership at ASIC and ensure our corporations, financial services sector and markets are effectively regulated.

“On behalf of the Albanese government, I thank outgoing commissioners Danielle Press, Sean Hughes and Karen Chester for their contributions to ASIC and to the service of Australia.”

ASIC chair Joe Longo welcomed the appointments, saying they would bring “exceptional experience” and skills to the organisation at a time of “significant and complex change in our regulatory environment”.

He said: “ASIC’s role is fundamental to protecting Australian consumers and investors while our economy navigates difficult challenges including climate change, an ageing population and the rapid evolution of data technology.

“Kate, Simone and Alan each have considerable experience in areas relevant to ASIC’s strategic priorities. They join the commission as we embark on a program of work to become a leading data-informed regulator and strengthen our commitment to strong and decisive enforcement of the law.

“The new commissioners will be powerful advocates for Australian consumers and investors, and for maintaining the integrity of Australia’s financial system. I look forward to working with them.”

Who are the new commissioners?

Having been CHOICE CEO since 2012, Mr Kirkland has been involved with the regulator through his membership of its consultative panel and was a member of the committee for the Ramsay review, which recommended the establishment of the Australian Financial Complaints Authority and Compensation Scheme of Last Resort, according to ASIC.

The regulator said he was a “leading consumer advocate with a long history in financial markets and influencing positive reforms”.

However, Mr Kirkland has been critical of the broking industry in the past, particularly when it comes to remuneration.

Ms Constant, the CRO of institutional banking, markets, and treasury at CBA, brings with her extensive experience in financial services and risk management as well as legal knowledge, having previously worked as a lawyer.

She has worked at CBA since 2020 and was previously a CRO at NAB. Before that she worked at NSW Treasury as a deputy secretary within the financial risk management and transformation division.

Ms O’Rourke returns to ASIC as a commissioner after having previously worked at ASIC as a senior executive leading work on fundraising, mergers and acquisitions, corporate governance, and regulatory policy between 2003 and 2017.

She is currently first assistant secretary in the Department of Treasury, where she holds responsibilities within the small and family business division and the consumer data and digital division.

[Related: ASIC bans broker for 6 years]